What Are Financial Services?

Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that manage money, assets and liabilities. These companies include credit unions, banks, insurance providers and investment funds, among others. They offer a variety of products and services including banking, loans, credit cards, investments, savings accounts, retirement planning, and wealth management. They also assist individuals with making smart financial decisions based on their needs and goals.

Banks collect deposits from individuals who have money, pool them together, and then lend the funds to people or businesses that need it. They can also provide overdraft agreements and allow customers to settle credit advances monthly. They can even help businesses raise capital by selling bonds (debt) or share capital (equity).

Conglomerates are financial services firms that own and operate multiple distinct business units. For example, a bank may own an insurance division and a brokerage division. These divisions typically have their own brand names and operating systems, but they are part of the same holding company. This strategy can lead to economies of scale, reduced costs, and improved efficiency.

With Salesforce Financial Services Cloud, agents and advisors can get a holistic view of their clients’ finances across lines of business. With out-of-the-box features like a banking data model, financial account objects and rollups, as well as tools for needs assessments, task orchestration and cross-line of business referral management, FSC helps agents and advisors deliver a great customer experience.

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